Islamabad, March 21, 2024 – Despite facing a challenging macroeconomic landscape, Jazz Pakistan, the leading digital operator, demonstrated its commitment to Pakistan’s digital future by investing Rs. 37 billion in 2023.
This investment was aimed at meeting the country’s growing data demand and bolstering the digital ecosystem, with a focus on fintech, cloud services, and data analytics. Jazz’s cumulative investment in Pakistan has now reached $10.6 billion.
While Jazz Pakistan reported a remarkable 20 percent year-on-year (YoY) revenue growth in local currency, its revenue declined by 12.9 percent in USD terms during the financial year 2023, primarily due to the devaluation of the Pakistani Rupee (PKR). Additionally, the company faced challenges such as record-high interest rates and a significant rise in network energy costs, impacting its margins.
A substantial portion of Jazz’s capital expenditure in 2023 was allocated towards adding nearly 1,000 new 4G sites, underscoring its commitment to enhancing service quality for customers. This network expansion contributed to an increase in Jazz’s 4G customer base to 43.9 million, with an overall subscriber base reaching 70.6 million as of December 2023. Furthermore, Jazz emerged as the largest Voice over LTE (VoLTE) network in the region, boasting over 22 million daily active VoLTE customers. The introduction of JazzFi, allowing users to communicate over Wi-Fi connections, garnered over 3 million users within months of its launch.
Jazz’s digital services, including its fintech platform JazzCash and entertainment platform Tamasha, demonstrated significant growth in 2023. JazzCash achieved an 82% YoY revenue surge, facilitated by a Gross Transaction Value of Rs. 5.8 trillion, while Tamasha reached 11 million Monthly Active Users (MAUs) and secured the highest digital views in Pakistan for major sporting events. Jazz’s cloud platform, Garaj, also witnessed considerable growth, serving over 100 enterprises with advanced cloud and cybersecurity solutions.
Commenting on the company’s strategy, Jazz CEO Aamir Ibrahim emphasized a holistic approach aimed at expanding the reach and capacity of the 4G network, strengthening digital services, promoting financial inclusion through JazzCash, and enhancing cloud and cybersecurity offerings. Ibrahim stressed the importance of resolving policy issues, particularly concerning telecom spectrum prices and license fees pegged to the US dollar, to safeguard the sustainability of the telecom sector and ensure continued digital connectivity for Pakistan’s progress.
As Jazz Pakistan continues to navigate challenges and invest in Pakistan’s digital infrastructure, the company remains committed to driving innovation and contributing to the nation’s socio-economic development.
